A score of AA is 2 levels below the bestthe very best possible rating of AAA, and an A+ rating is two levels listed below AA. Much like a customers credit rating, a states bond scores identify its ability to obtain cash affordably.
Maines moderately high scores reflect the states responsive budget plan management and low general financial obligation outlook, in addition to its monetary difficulties such as below-average economic development leads and meager reserve funds, Fitch said.
The AA score reflects Maines normally stable income performance and extremely workable long-term liabilities, offset by persistent structural pressures, thin reserve levels and a reasonably stagnant financial base, the company said in a news release.
Other economic difficulties for Maine mentioned by Fitch are its high median age, essentially nonexistent net population development and flat-to-declining labor force.
Fitch is one of the big 3 credit-rating agencies recogniseded by the US Securities and Exchange Commission, in addition to Moodys and Requirement and Poors.
Healthy development for credit unions
More than 14,000 Mainers signed up with a credit union in 2014, continuing an upward trend given that the Great Recession thats most likely fueled in part by consumer backlash against the big banks, according to a report from the Maine Credit Union League.
The states approximately 60 cooperative credit union boasted a total of more than 650,000 members at the end of the year, according to the report – a 2.2 percent boost over year-end data for 2013.
During the very same period, combined assets at Maines credit unions grew 4.7 percent to end the year at $6.43 billion, the league found. Lending activity increased by 6.3 percent to $4.42 billion in outstanding loans regardless of a drop-off in the house refinancing market.
Savings at Maine credit unions enhanced at a steady 4 percent for the year, an increase of almost $210 million, to a combined total of $5.45 billion, the league said.
Maine Cooperative credit union League President John Murphy said in a press release that the growth data are further indicator that Maines cooperative credit union are the financial services provider of choice for numerous Maine consumers.
Considering that 2008, when most specialists concur that the Great Recession began, credit unions in the state have actually included a net total of more than 55,000 brand-new members, he stated.
While popular before the economic crisis, customers appear to have a significantly higher gratitude for the value and benefits that Maines cooperative credit union offer, consisting of being local and owned by the members that utilize the credit union services, Murphy stated.